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But the thing about Bitcoin is that it’s made to be censorship-resistant. It is resilient. If you read Satoshi’s posts on Bitcointalk he simply assumed Bitcoin
by throwbtc711 9y ago
But the thing about Bitcoin is that it’s made to be censorship-resistant. It is resilient. If you read Satoshi’s posts on Bitcointalk he simply assumed Bitcoin would have been banned at some point, and that’s why he made the design choices he made. Bitcoin is designed not only to survive but to thrive in an adversarial environment.
But then, even if a government ban could really destroy Bitcoin (i’m certain it wouldn’t, I remind you that Russia banned it for a while and 0 fucks were given... what about sharing films on Bittorent? Did the ban do something?) you say there’s a 5% chance the ban will not happen.
I will take any day a bet that gives me a 5% chance that every dollar i bet becomes $10k. And I won’t exit that bet unless i’ve made enough money to retire comfortably, which is what is happening to me now.
- Retric 9y agoUnlike websites governments can do a 51% attack on Bitcoin which would 'kill' it in weeks.
- throwbtc711 9y agoNo, they can’t. And even if they could the network would just fork to a different hashing algorithm, which means that the attacker would have had burnt hundreds, if not thosaunds, of millions for nothing.
- Retric 9y agoChina can take console of all of their miners in the country which would all for a 51% attack to be profitable ignoring opportunity costs. In this case forking does not help as they maintain control of the equipment and have access to massive CPU and GPU resources to swap to alternative architectures. Now, if you think bitcoin maintains value if there are zero transactions for ~6+ months you are clearly mistaken.
- tryingagainbro 9y agoNever underestimate what a government can do. If they want, they can make bitcoin as popular to hold as child p//n on your PC. Go ahead then